SelectUSA Investment Summit Concludes with a Focus on Forging Stronger Global Business Alliances

Blogged By:

MBDA

Created on November 7, 2013

Secretary of Commerce Penny Pritzker wrapped up the inaugural SelectUSA 2013 Investment Summit[1], following two high-impact days of meetings and discussions among senior government officials, major business executives, global economic experts and U.S. economic development officials about strategies to increase foreign direct investment (FDI) in the United States.

Secretary Pritzker also opened the final day of the Summit, where she announced[2] changes to the eligibility requirements for the Manufacturing Council that will allow representatives from U.S. subsidiaries of foreign-owned or controlled firms to become members. The expanded eligibility rules will add new perspectives to the Council, which advises the Commerce Secretary on policies and initiatives to increase FDI in the U.S. manufacturing sector, including SelectUSA.

U.S. Secretary of State John Kerry delivered remarks focused on deepening U.S. economic alliances around the world. Following his address, U.S. Trade Representative Michael Froman moderated a panel with Tennessee Governor Bill Haslam, BMW North America CEO Ludwig Willisch, and Caterpillar CEO Doug Oberhelman on how global companies can use their U.S. operations as an export platform by taking advantage of free trade agreements and bilateral investment treaties.

Throughout the day, speakers from businesses, professional services firms, academia, and trade associations helped to demystify aspects of the U.S. economic and regulatory system. The discussions covered the implications of U.S. leadership in the energy sector, advice on effective global talent development, understanding U.S. investment export controls and foreign investment security reviews, and accessing U.S.-based sources of investment and working capital.

The Summit is a key component of SelectUSA’s mission to promote FDI and to help achieve the Obama administration’s goals of creating jobs, spurring economic growth and promoting American business competitiveness. Approximately 1,200 business and government leaders from nearly 60 countries and economic development organizations from 47 states, the District of Columbia and three territories met at the SelectUSA Investment Summit to learn about the advantages of doing business in the U.S. and to explore investment opportunities.